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News & Press: National News

CFPB Releases Guide

Thursday, April 24, 2014   (0 Comments)
Posted by: Annette Belitz Peters
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The Consumer Financial Protection Bureau has released a 96-page guide that includes instructions on how to complete the new three-page Loan Estimate and five-page Closing Disclosure.

A new five-page Closing Disclosure will replace the HUD-1 and final Truth-in-Lending (TIL) disclosure, while a three-page Loan Estimate will replace the GFE and early TIL. The final rule and new disclosures apply to most consumer mortgages, but does not apply to commercial transactions, home-equity lines of credit, reverse mortgages, or mortgages secured by a mobile home or by a dwelling that is not attached to land. The new forms go into effect Aug. 1, 2015.

The guide, titled "TILA-RESPA Integrated Disclosures: Guide to the Loan Estimate and Closing Disclosure," provides a line-by-line description and highlights common situations that may arise when completing the forms.

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